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Bharat Masrani, head of Toronto-Dominion Bank's U.S. operation, will become CEO next year when W. Edmund Clark retires. Michael Pedersen, head of TD Bank's wealth management and insurance businesses, will take over the American division.

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Credit cards are a key growth area for TD Bank, says CEO Bharat Masrani, and the bank is looking for opportunities to partner with more retailers to issue cards. Masrani also says mobile banking is an important part of the company's multichannel strategy. "Close to 10% of our new accounts now come through a mobile device," he said.

Ed Clark, president and CEO of TD Bank, plans to retire late next year after 12 years leading the bank. Bharat Masrani, head of TD's U.S. personal and commercial banking group, is set to take over in November 2014. Regarding the lengthy transition period, Mr. Clark said, "You want change but you want change where people say the fundamentals won't change." His tenure has been marked by exponential expansion, particularly into the U.S., where the bank's presence went from no branches to 1,300.

TD Bank plans to expand in the New York area by opening at least 50 more branches in the next four years, part of the bank's strategy to become the third-largest lender by branches in New York City. TD Bank's U.S. consumer-banking chief, Bharat Masrani, says customer service will be key for increasing market share in New York. "The only sustainable competitive position to be in banking is through service and convenience," he said. "You can't get there through price or through product, because it will be matched."

Seeking a wider market for mutual funds and investment advice, Toronto-Dominion Bank may expand wealth-management operations in the U.S., says Mike Pedersen, the bank’s head of wealth management and insurance. "We've got lots of strengths we can deploy," he says.

W. Edmund Clark, president and chief executive officer at Toronto-Dominion Bank, said he plans to continue to increase profits in the U.S. despite the economic challenges. Clark said Toronto-Dominion sees opportunities for providing financial advice and products to its debit card holders.